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Severe convective storms accounted for 41% of last year’s insured loss load. -
The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The new agreement provides $40mn of aggregate limit excess of zero.
